Question: 2. Using regression analysis on data from a field experiment, the demand curve for a product is estimated to be Qdx = 1,200 - 3Px

2. Using regression analysis on data from a field experiment, the demand curve for a product is estimated to be Qdx = 1,200 - 3Px - 0.1Pz, where Pz = $300 a. What is the own price elasticity of demand when Px = $140? Is the demand elastic or inelastic at this price? What would happen to the firm's revenue if it decided to charge a price below $140? b. What is the own price elasticity of demand when Px = $240? Is the demand elastic or inelastic at this price? What would happen to the firm's revenue if it decided to charge a price below $240? c. What is the cross-price elasticity of demand between good X and good Z when Px = $140? Are goods X and Z substitutes or complements

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